Adelaide grandfather buys $1.275million home for his family

There's nothing a first-time buyer fears more than showing up on auction day and seeing a cashed-up boomer holding a paddle. 

But for one sale in suburban Adelaide, the mature-aged buyer in their midst wasn't just looking to pad out his investment portfolio with another rental property. 

Indeed, the older gentleman who placed the winning bid on the corner allotment at 96 Gage Street in Firle in the city's east had very different plans in mind. 

He ended up spending $1.275million on the 680sqm home but won't ever live there himself, nor will he lease it to tenants. 

Instead, the house is a very generous gift to his children and grandchildren. 

The man, described as a 'local buyer', wanted to give the younger members of his family a better start in life by getting them on the property ladder. 

'A local buyer ended up buying the home… a mature gentleman who bought it for his family, to set them up for their future,' Ray White Woodville agent Peter Kiritsis told Realestate.com.au.

'He was saying that his kids and the grandkids would get the benefits of this one … so they are very lucky to have someone like him.'

The thoughtful grandfather outbid 11 people for the 1960s-built home, which features a collection of eccentric wallpaper and carpet choices from the early 1970s.

Mr Kiritis believed the home would have been 'state of the art' at the time of decoration.

He added that the home reminded many hopeful bidders of their 'grandparents home or their aunties' home … because it's so well preserved'.

'When little kids were coming in, they'd take two steps inside and their mouths would just drop and they were like, 'where am I? What is this place?' … so there's no question, this was a very special home to sell,' he said.

The four bedroom, two bathroom home was described on the real estate listing as 'conventional style family living on a corner allotment.'

The median price of a home in Firle has risen 8.3 per cent to $1,040,000 in the last 12 months and from $$717,000 in the last five years.

More than 700 buyers have shown interest in the area in the last month, likely due to its proximity to the CBD, but only nine homes have been sold in the same period. 

The boomer's shocking move comes just days after news broke of a Perth couple buying their children a $1.26million house complete with water and city views and an outdoor jacuzzi to live in while they go to uni.

The bank of mum and dad came through for the uni students after their parents bought the house in Como, a southern Perth suburb, just 6km from the CBD.

The house has three bedrooms and two bathrooms and is only 15 minutes walk from Como Beach.

Ray White South Perth agent Jack Shaw told Domain the house was bought by a farming family for their sons to live in while they attended uni in the city.

The buyers paid $1,268,000 for the home at auction on Saturday, beating seven other bidders.

The uni students will be able to entertain their friends in the 'alfresco entertaining area' or the 'private front yard with new lawn' and catch up on their study in the outdoor jacuzzi. 

The house is only an 800m walk to Preston Street shops and 1.3km to the Angelo Street shopping precinct.

'Como Beach is very well regarded and the house is in a sought-after pocket and it's single level and renovated, plus there's no strata fees,' Mr Shaw said.

'The sellers are buying land on the outskirts of Perth and they are very happy with the result under the hammer and unconditional.'